Contents insurance is available for both homeowners and renters, either on its own or as part of a combined home and contents policy. It is designed to provide a level of financial protection against damage, theft or loss of the personal possessions inside your home, which could include your new camera.
Some contents insurance policies may only cover your possessions if they are lost through a defined event, such as burglary or fire, while others may also provide cover for loss as a result of an accidental event, such as dropping it on the floor, although this may be more expensive. There are typically two main types of contents insurance – a “replacement value” policy that covers the current dollar value of your belongings, and one that offers “new for old” replacement, meaning it covers the cost of replacing your items with a new model, if necessary.
When you purchase a policy to insure your contents, you’ll typically be asked to nominate a total dollar value that you’d like to be insured. To do this, you’ll need a complete list of the items you wish to have covered, including your camera, and what they may cost. The Insurance Council of Australia (ICA) has a calculator you can use to help determine the value of your contents.